You may wish to retain the ownership of the property but to let it to tenants.
It is worth remembering the work involved in being a landlord and managing a house. You will be responsible for its maintenance and will need to arrange things like annual gas safety checks. If you are interested there are a number of guidebooks that offer advice.
Becoming A landlord
There are a number of ways of renting out your property. You could place your own advert in a local paper or shop window and manage the property yourself.
It’s not a bad idea to join a landlords organisation such as Landlords Accreditation Wales. They can provide advice, support and regular magazines that keep you up to date. They can also provide training as well as discounts on products and services.
Letting / Managing Agents
You may prefer to get somebody else to manage the property for you. There are a number of property letting agents in Ceredigion who will, for a fee, find tenants, collect rent, deal with queries and arrange maintenance. Please contact a managing agent to find further information on the services they can provide and the fees they charge.
Private Sector Leasing Schemes
There may be an option to let your property under a private sector leasing scheme. You could grant a partner organisation such as a Local Housing Association or Lettings Agency a lease on your property for an agreed number of years (usually upwards of 5 years) and in return they will act as managing agent. They will find tenants, collect rent, deal with the administrative and legal side of tenancy agreements, deal with tenant queries and arrange repairs and maintenance.
The availability of these schemes is largely based on the location and condition of the property. Each scheme would be considered on an individual basis. If you are interested in leasing your property to a Housing Association or Letting Agency it is best in the first instance to contact the Councils public health protection team who will be able to take details of the property and make some further investigations.
The advantages of this option include regular, guaranteed rental income for a fixed period, longer leases, effective management of the property, and the return of the property to you in good condition. If the property requires some work before it is ready for rental this may also be an option as the work may be financed by the Housing Association who will then recoup the costs from the rent.
If you rent out your property to more than two persons in separate households (for instance there are three single persons living at the property as friends, or a couple and one other friend) then the property may be subject to the Council’s licencing scheme. This means the property would have to conform to amenity, fitness and fire standards. In addition the licence-holder and manager of the property must be a fit and proper person. The council would carry out checks to establish these things prior to issuing a licence. For more information visit our licencing page.
Anyone who decides to let their property should make sure it is clean, dry and safe. It should have an electricity supply and the plumbing and central heating checked for safety. Faulty gas appliances can be fatal and therefore the landlord has a legal obligation to maintain these and get them checked for safety on an annual basis. The kitchen should be of a reasonable standard with safe facilities for storing and preparing food. If there is a problem with poor facilities when you let, these are likely to get worse.
All Councils have a duty to ensure residents are not living in sub-standard accommodation. Councils will use the Housing Health and Safety Rating System under the Housing Act 2004 to carry out a risk assessment on any property where there may be potential risks. Often the council can be made aware of problems at a property by the tenants.
Some of the usual health and safety risks identified at a property are damp and mould, coldness, trips and falls and fire risks. As a landlord it would be your responsibility to ensure any risks are minimised. Once a risk was identified the Council would work closely with you to ensure compliance. If there was no cooperation the Council can use its powers under the Housing Act 2004 to ensure work is carried out.
For more information on what standards are expected please visit the Housing Health and Safety Rating System page.